New Delhi, Feb. 8 -- Religare Enterprises Ltd chairperson Rashmi Saluja informed shareholders at the company's annual general meeting (AGM) on Friday that investors could not vote on her continuation for now as she was not retiring as a director, a move that stumped shareholders and proxy advisory firms.

After opening remarks by the management, shareholders convened to vote on three resolutions, including Resolution No. 2 on Saluja's reappointment as a director.

According to a draft copy of the AGM proceedings that Religare shared with the stock exchanges, Saluja said, "[A]s per the 2nd resolution I don't offer myself for re-appointment as I am not liable to retire by rotation."

At this point, P.K. Tripathi, one of the four independent...